TPG – Good third quarter builds on first half year trends

Good third quarter builds on first half year trends

Highlights:
– Double digit net income growth
– 20th consecutive quarter of positive revenue yield in Express
– Logistics continues to improve its margin
– Another solid quarter from Mail
– Wilson acquisition completed and integration started
– Operating cash flow up €59 million to €336 million
– €409 million share repurchase as part of State sell-down

CEO Peter Bakker:
“I am pleased that several important positive trends we saw in the first six months of 2004 are continuing in the third quarter. Express achieved a record third quarter margin, Logistics made further progress on its path of margin improvement, and Mail put in another solid performance. With these strong results, I remain confident in the divisional outlooks.”
P:LibraryTPG pg_2004_third_quarter_results_04.pdf